Supervisory Board of Eesti Energia refuses to escalate CEO's salary

The Supervisory Board of Estonia-based energy company Eesti Energia rejected a proposal of its Supervisory Board to increase sharply the salary of CEO Sandor Liive, the Estonian news portal BBN reports.

According to the proposal, Liive's
salary should be increased up to 20,000 euros a month due to the fact that
managers' wages were last time improved six years ago, writes LETA.

At present Liive is making 11,319
euros a month.

The supervisory board decided to
reject the proposal because the majority of the board said that the changes
that had taken place in the company did not justify such a rapid increase in
management board salaries.

As reported, a non-profit
organization Baltic Institute of Corporate Governance (BICG) stated in a study
launched in mid-May that the governance of Eesti
Energia is the best among fully state-owned companies in the Baltic States.

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